In order to financially support her family, Rani sews clothes for her neighboring clients. She is very skilful and receives regular orders every month. She has applied for a loan from Kiva partner Asasah for her sewing business. With the loan investment, she will buy a new sewing machine because her current sewing machine has become old and she is unable to use it effectively. She is an experienced business lady and hopeful that by purchasing a new sewing machine, she will be able to provide better sewing services to her clients and increase her income.
Note: In the photo, the lady holding a book (called Asasah Passbook) is Rani.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid